Opening a Bank Account for Kids

If you would like to teach your children the value of money and banking in Schiller Park, the best thing to do is open up a savings account for them. With an account, they can start saving the money that they get from relatives and allowances. The savings account may also have attractive interest rates that will increase your kid’s savings.

When Is the Right Time to Open a Savings Account for the Child?

There is no definite time for opening a savings account for the kid. The moment the child starts accumulating some money either as gifts, then you should open an account to make savings. Some parents may do so when their child is an infant, while others may prefer waiting until the child perhaps enrolls in school or starts earning some cash.

What Type of Bank Account Should You Choose?

Not unless your child is already earning money, and can write checks and pay bills and expenses, the best account to open is a savings account. A good account is one that meets the following criteria:

   * One without a minimum balance requirement
   * One that has an online account management
   * One with a high interest rate
   * One without monthly maintenance fees

How Do You Open a Savings Account for Your Child?

If you choose a bank with a local branch, you only need the following documents:

   * The child’s social security number and date of birth
   * Picture identification such as your driving license
   * Personal details like email, address, and date of birth
   * Initial deposit in terms of cash or checks

Your child cannot open an account without a parent. Thus, you must be ready to sign any legal documents that will be required.

Once you open an account for your child, you will be able to instill in him or her importance of banking and saving money.

If you wish to explore more options for banking in Schiller Park, Lyden Credit Union is here to help you. Visit https://www.leydencu.org for more information.

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